- What A 107,000 sq ft industrial building is being floated in Ottawa
- Why Fiera Capital is seeking $200/sq ft for the multi-tenant property
- What next Average lease terms run for more than three years
A multi-tenant industrial building in Ottawa is on the market with pricing guidance of $20m, Green Street News can reveal.
Fiera Capital is seeking approximately $200/sq ft for the 107,000 sq ft warehouse at 1481 Michael Street. Marcus and Millichap’s IPA division is marketing the fully occupied property as an opportunity to generate stable rental income from two longtime tenants, with the potential for considerable upside if the building is leased at market rates.
The larger tenant, Public Services and Procurement Canada, holds 79,000 sq ft of space in the building. A depot for the Public Health Agency of Canada has operated there for 24 years.
Macartney Farms, a produce wholesaler, has been at 1481 Michael since the mid-1990s and occupies 28,000 sq ft. The tenant leases have a weighted average term of 3.6 years.
The 75-year-old building has six shipping doors at truck level, plus another three with drive-in access, with a maximum clear height of 18.5 ft, marketing materials said.
On 5 acres, 1481 Michael is within the Newmarket-Cyrville area, a key industrial district for the National Capital Region due to its proximity to major transportation corridors, including Highway 417 which connects Ottawa and Montréal. An entrance to the highway is a kilometre from the building via St. Laurent Boulevard.
There is a set of VIA Rail tracks to the south of the property, and the Ottawa VIA station, at 200 Tremblay Road, is 2 km away. Ottawa International Airport is just over 10 km away.
Market rents in Ottawa’s industrial market neared $17/sq ft on average as of the first quarter of 2025, Colliers said in a recent report.
Fiera Capital is one of Canada’s largest asset management companies, with more than $167bn in global assets under management.
